Flatbread sliced, as likely as not (4,5)
I believe the answer is:
even money
'flatbread' is the definition.
Both the definition and answer are singular nouns.
Maybe there's an association between them I don't understand?
'sliced as likely as not' is the wordplay.
I cannot really understand how this works, but
'likely' could be 'on' (I've seen this in other clues) and 'on' is located in the answer.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for even money that I've seen before include "Kind of bet where you stand to win or lose the sum wagered" , "A good chance" , "Betting odds offering chance to win the amount wagered" , "likely to happen!" , "Odds offering an equal chance of winning or losing" .)